North Carolina Down Payment Support Programs
Payments Gateway - These systems would be the Mortgage Credit Certificate along with the deposit Assistance Program.
If you meet the requirements for one of the plans and you also buy a property and December 1, 2009, it is also possible to qualify for the $8,000 tax credit merely enacted into law in the Federal Economic Stimulus Plan.
First, who's a First Time Home Buyer? There is a First Time Home Buyer someone who has not owned a house in the past three years. That is exactly the same qualifying definition for the $8,000 tax credit.
What is a Mortgage Credit Certificate and Who Qualifies?
The MCC takes this a step farther.
Should you are eligible for the MCC, it is possible to claim 20% of the interest you pay as a credit in your federal income taxes on your mortgage. It's possible for you to save around .
If you do qualify for the MCC, for 2009, you may manage to unite this. This could reduce a buyer's tax liability .
Who Qualifies for an MCC?
Household income means the “gross income of the mortgagor and every other man expected to live in the dwelling who's 18 years old or older.”
House price limits that apply in Durham Orange and Chatham Counties and the income are listed below.
MCC Income Limits 1 Person $61,500 2 Individuals $61,500 3 Persons $70,500 4 Persons $70,500
MCC Sales Price Limitations New Home $220,000 Existing Dwelling $210,000
Who Qualifies for Down Payment Help?
The buyer just needs to pay and the load would pay around .
This program has more stringent income limits than the MCC plan summarized above. Like the MCC program, it could be used along with all the new $8,000 tax credit on house purchases between December 1, 2009 and January 1, 2009. The down payment help, however, cannot be employed together with all the MCC. It is an either or situation.
The income and house price limits that apply in Durham, Orange and Chatham Counties are given below.
Down Payment Assistance Income Limitations
1 Person $39,950 2 Persons $45,650 3 Men $51,350 4 Individuals $57,050
Down Payment Support Sales Cost Limits New Home $210,000 Existing Home $210,000